Ghana Tightens Control Over Gold Exports As Yellow Metal Prices Surge

As the gold price crossed $3,200 per ounce for the first time, Ghana, a major gold producer, has officially centralized control over its gold exports under a newly established government entity.

Effective immediately, Ghana Gold Board (GoldBod) becomes the sole institution authorized to buy, sell, assay, and export gold from the country's artisanal and small-scale mining sector to curb illegal mining and boost state revenues.

"The Ghana Gold Board aims to regulate the gold industry, stabilize the cedi, and maximize revenue from gold exports. As Africa's leading gold producer, Ghana derives substantial foreign exchange earnings from gold. However, the benefits accrued from this valuable mineral remain minimal, often coming at a steep environmental cost," Finance Minister Cassiel Ato Baah Forson ...